Europe’s M&A markets in Q3 2025 continued to follow the defining pattern of the year: sharply lower deal volumes but materially higher aggregate value as buyers concentrate capital on resilient, scalable assets. Across EMEA, deal volume fell 23.4% yoy to 3,711 transactions, while aggregate value surged 41.6% to €307.1bn – the strongest quarterly showing since the 2022 peak. Within this broader concentration cycle, the Netherlands emerged as one of the most pronounced examples of flight-to-quality behaviour.

Macroeconomic resilience

After a near-recession in late 2024, Dutch macro fundamentals stabilised through Q3. Strong household spending, moderating but still-elevated inflation (3.3% in September), and a tight labour market supported continued confidence. The CPB’s projection of 1.7% GDP growth for 2025 positions the Netherlands ahead of most EU peers and reinforces its status as one of the region’s most resilient major economies.

This macro backdrop matters in a cycle where investors increasingly prioritise earnings visibility, regulatory stability, and cash-flow durability. Dutch assets therefore remain well aligned with current buyer preferences across both strategic and sponsor-led demand.

Deal value surges despite volume drop

The Netherlands recorded one of EMEA’s sharpest divergences between volume and value. Deal count declined 24.1% yoy to 220 (a three-year quarterly low), yet aggregate value nearly quadrupled to €33.3bn, the country’s highest since Q1 2022. While this was heavily influenced by a handful of upper-end transactions, value remained elevated even excluding the headline deals, underscoring broad appetite for high-quality Dutch assets.

Keurig Dr Pepper’s €19.7bn take-private of JDE Peet’s was the largest European transaction of the quarter and drove the bulk of Consumer-sector value. In PMB, Genmab’s €7.2bn acquisition of Merus reflected intensifying interest in late-stage clinical assets and reinforced the Netherlands’ position as a biotech hub with globally competitive innovation pipelines.

Foreign capital dominance and sector concentration

Foreign bidders accounted for the majority of value deployed into the Netherlands. US buyers alone invested €20.8bn, making the country one of Europe’s most significant Q3 destinations for American capital. Denmark featured largely via Genmab, while UK activity was led by Compass Group’s €1.5bn acquisition of Vermaat Groep.

Sector patterns closely mirrored broader EMEA trends. By value, Consumer and PMB led decisively, while by volume TMT, Business Services, and Industrials & Chemicals formed the core of Dutch dealflow. This reflects the region-wide preference for platform assets, recurring-revenue models, and operationally resilient sectors.

A clear EMEA outperformer and a signal for 2026

Within Benelux, Dutch activity dominated the quarter: eight of the region’s ten largest transactions were Dutch, contributing to a 163% increase in total Benelux value. Against a European landscape characterised by weak volumes and selective allocations, the Netherlands’ ability to attract sustained large-cap inbound interest positions it as a bellwether for where capital is willing to deploy at scale.

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Want to dive deeper into the numbers and sector insights? Read Deal Drivers: EMEA Q3 2025 and explore detailed analysis, heat charts, and deal pipelines for the Netherlands and EMEA.